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BUDGET 2009 NEWS: Darling to close tax loopholes

Chancellor Alistair Darling has claimed new measures to stop tax avoidance and evasion will bank the Treasury an extra £1bn over the next three years.

Speaking to MPs in Parliament today, Darling says: “It cannot be fair that those who should pay tax are allowed to avoid it. Over the last decade we have taken a number of measures which have reduced tax evasion and avoidance by on average over £1bn a year. I intend to build on this today. We have identified loopholes which when closed will result in £1bn of extra revenue over the next three years.”

The Budget, Darling’s second, includes measures to tackle evasion, including the publication of the names of deliberate tax defaulters and an offshore disclosure opportunity, and targeted anti-avoidance measures as a proportionate response to those who seek to avoid paying their fair share.

The package of measures raises over £1bn during the period 2009/2010 to 2011/2012 and protects a further £3bn per year of tax receipts by 2010/2011 from erosion by tax evasion and avoidance.


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